Doctor Loan - Professional Loan for Doctors in India

Overview

Professional Loans to Doctors are collateral-free and help doctors to facilitate the needs such as expansion of business, upgrade equipment, set-up/upgrade clinic and much more. This facility comes with the advantages of a speedy disbursal process, flexible repayment schedules and competitive interest rates. This exclusive doctor loan is designed for medical professionals who require instant access to finance.

The loan is available for following purposes:

Any personal purpose including purposes for meeting expenses of professional requirement.
Development of Clinic / Clinic-cum-residence, Nursing Home, Pathological Laboratory.
Purchase of medical / diagnostic equipment, setting up of operation theatre etc.
Purchase of office equipment viz. computers, fax, air-conditioners and furniture etc.
Purchase of assets like ambulance, etc.
Expansion/ renovation/ modernization of existing premises/ Clinic/ Nursing Home.
Working Capital requirement including stock of medicines.

Doctor Loan Features & Benefits

Type	Collateral-free term Loan
Funding Range	Minimum above: 5 lacs Maximum upto: 35 lacs
Features	Doorstep service, Minimum documentation, Quick processing & collateral-free
Repayment Period	12 months to 48 months
Pricing	Attractive rate of interest

Doctor Loan Fees & Charges

DESCRIPTION	CHARGES
Rate of Interest	Fixed
Non-Refundable loan Processing Charge	Upto 2% of Loan amount
Prepayment Fees (Pre-closure or Part Payment)	4% plus applicable taxes,
Delay EMI Payment Charges	2% + GST on total overdue (P+I) or 100 + GST whichever is higher (Cash basis - non Ageing / on non-payment within 3 days of Due date)
No Due Certificate/ No Objection Certificate (NOC)	NIL
Duplicate No Due Certificate/ No Objection Certificate (NOC)	Rs.200/- plus applicable taxes
Charges for dishonor of PDC / ECS /SI	Rs. 500/- plus applicable taxes
PDC Swapping/Repayment mode change Charges	Rs. 500/- plus applicable taxes, per event
Duplicate Statement Charges	Rs. 500/- plus applicable taxes, per event
Loan Cancellation Charges	Rs. 5000/- plus applicable taxes plus interest for period of loan utilized
Duties, Taxes	As per state/Applicable laws
Legal Charges	As per actuals wherever applicable

Fees & Charges<< a>

5 Lacs - 35 Lacs

Loan Amount*

*Loan Amount will be range 500000 to 35 Lacs

2% onwards

Processing Fee**

**Processing Fee – 2% onwards*

13% onwards

Rate of interest***

***Rate of interest will be 13 % onwards

Doctor Loan Interest Rates

Interest Rate – Q1 2021-22
Minimum	Maximum	Mean
11.50%	11.50%	11.50%

Annual Percentage Rate – Q1 2021-22
Minimum	Maximum
11.50%	11.50%

Doctor Loan Eligibility

Eligibility

Eligibility

ITR – Requirement based
Min. experience of 3 years for PG & 7 Years for MBBS doctors
Clean CIBIL
Residence Stability- Owned or 3years(if rented)
Age of applicant doctor - 25 to 70(at end of term)
Clubbing of family income possible- provided all are doctors

Application :

Application form with a recent photograph
Proof of Identity:

(Passport Copy/ Voter ID card/ PAN Card etc.)
Address Proof:

(Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement)
Office Ownership Proof (if applicable) (Any One) :
- Property Tax Bill
- Municipal charges Bill
- Electricity Bill
- Sale Agreement
- Share Certificate from the society
Age proof :

(PAN Card, Passport, any other certificate from a statutory authority)
Proof of income :
- 2 years latest Form 26 AS / ITR / Form – 16
- past 3 month’s Salary Slip in case of salaried doctor
Bank Statements

Bank statement / Bank Passbook for last 6 months
Copy of Last Degree Certificate & Medical registration certificate